We are advised by WELL Health Technologies Corp. that -- The
Company notes that in the prior version of this press release,
Adjusted EBITDA attributable to WELL shareholders for Q4 2021 and
full year 2021, and Adjusted EBITDA attributable to non-controlling
interests for Q4 2021 and full year 2021 were inadvertently
understated. The correct values, provided in the table at the
bottom of the press release, demonstrate better performance than
previously stated. There were no other changes to the press release
presented below.
WELL Health Achieves Record Results Reflecting 573% YoY Revenue
Growth and Positive Net Income in Q4-2021
- WELL reported record quarterly revenues of $115.7 million in Q4-2021 representing a 573%
year-over-year (YoY) increase compared to Q4-2020. WELL's annual
revenue for 2021 was $302.3 million,
an increase of 502% compared to the prior year.
- WELL achieved Adjusted EBITDA(2) of $25.7 million in Q4-2021, an increase of 324% as
compared to Adjusted EBITDA(2) of $0.8 million for Q4-2020.
- WELL reported Adjusted Net Income(3) of $5.3 million in Q4-2021, and positive Net Income
of $0.7 million for Q4-2021.
- WELL delivered 700,359 total omni-channel patient visits in
Q4-2021, representing a YoY increase of 123%. When combined with
our asynchronous visits, the total number of visits was
972,740.
- Circle Medical and Wisp continued to grow rapidly and are
expected to achieve an annualized revenue run-rate of better than
US$80 million in March 2022.
- WELL provides strong outlook with total 2022 revenue expected
to exceed $500 million, and the
Company expects to be profitable for the full year of 2022, on an
Adjusted Net Income(3) basis.
VANCOUVER, BC, March 31, 2022 /PRNewswire/ - WELL Health
Technologies Corp. (TSX: WELL) (the "Company" or
"WELL"), a company focused on positively impacting health
outcomes by leveraging technology to empower healthcare
practitioners and their patients globally, today announced its
audited consolidated annual financial results and results for the
fiscal fourth quarter ended December 31,
2021.
Hamed Shahbazi, CEO and Founder
of WELL commented, "We are very pleased with our fourth quarter and
full year results for 2021, delivering close to one million
patient-visits and asynchronous consultations. Last year was a
transformational year for WELL, as we completed substantial
acquisitions including CRH Medical and MyHealth, as well as a
number of tuck-in acquisitions, which catapulted the Company to an
over $460 million annualized revenue
run-rate and an Adjusted EBITDA run-rate of over $100 million. We have added significant scale to
our business and increased our leadership position as the prominent
end-to-end healthcare company in Canada. Also, WELL is a profitable business
that is generating significant free cash flow to fund its organic
and in-organic growth."
Mr. Shahbazi added, "Our outlook for 2022 remains strong and
resilient. The capital WELL generates will continue to be allocated
in a disciplined manner, which may come in the form of further
acquisitions, share repurchases, or to accelerate organic growth.
We are looking forward to continuing to deliver strong results in
the next few quarters, with sustained organic growth."
Fiscal 2021 Annual Financial
Highlights:
- Total revenue for the year ended December 31, 2021 was $302.3 million, compared to total revenue of
$50.2 million for the prior year, an
increase of 502% driven by acquisitions during the past year and
organic growth.
- WELL achieved Virtual Services revenues of $75.6 million for the year ended December 31, 2021, representing an increase of
460% as compared to Virtual Services revenue of $13.5 million in the prior year
- WELL achieved record Adjusted Gross Profit(1) of
$153.7 million, representing 624%
growth compared to Adjusted Gross Profit(1) of
$21.2 million in the prior year. WELL
achieved record Adjusted Gross Margin(1) percentage of
50.8% for the year ended December 31,
2021 compared to Adjusted Gross Margin(1)
percentage of 42.2% in the prior year. The increase in Adjusted
Gross Margin(1) percentage is mainly due to the addition
of higher margin CRH, MyHealth and other new Virtual services
revenue over the past year.
- Adjusted EBITDA(2) was $60.4
million for the year ended December
31, 2021, compared to Adjusted EBITDA(2) of
$0.2 million in the prior year.
- Adjusted Net Income(3) was $16.0 million, or $0.08 per share, for the year ended December 31, 2021, compared to Adjusted Net
Loss(3) of $1.3 million,
or a loss of $0.01 per share in the
prior year.
Fourth Quarter 2021 Financial
Highlights:
- WELL achieved record quarterly revenue of $115.7 million in Q4-2021, compared to revenue of
$17.2 million generated during
Q4-2020, an increase of 573% driven by acquisitions during the past
year and organic growth.
- WELL achieved Virtual Services revenues of $31.3 million in Q4-2021, representing 354% YoY
growth as compared to Virtual Services revenue of $6.9 million in Q4-2020.
- WELL achieved record Adjusted Gross Profit(1) of
$63.5 million in Q4-2021,
representing 693% YoY growth as compared to Adjusted Gross
Profit(1) of $8.0 million
in Q4-2020. WELL achieved record Adjusted Gross
Margin(1) percentage of 54.9% during Q4-2021 compared to
Adjusted Gross Margin(1) percentage of 46.5% in
Q4-2020.
- Adjusted EBITDA(2) was $25.7
million for Q4-2021, compared to Adjusted
EBITDA(2) of $0.8 million
for Q4-2020. Adjusted EBITDA(2) was positively impacted
in the quarter by WELL's recent acquisitions.
- Adjusted Net Income(3) was $5.3 million, or $0.03 per share, for the quarter ended
December 31, 2021, compared to
Adjusted Net Income(3) of $2.4
million, or $0.02 per share in
Q4-2020.
Fourth quarter 2021 Patient Visit
Metrics:
Total omni channel patient visits in Q4-2021 increased by 121%
to 700,359 compared to Q4-2020 and reflected a 20% increase as
compared to Q3-2021. In addition, MyHealth conducted 146,116
diagnostic visits in Q4-2021, while Wisp completed 126,265
asynchronous patient consultations. Combining WELL's omni-channel
patient visits, MyHealth's diagnostic visits and Wisp's
asynchronous patient consultations, WELL achieved a total of
972,740 patient interactions in Q4-2021, representing an annual
run-rate of 3.89 million patient interactions.
Fourth quarter 2021 Business
Highlights:
On October 1, 2021, the Company
completed the previously announced acquisition of a majority
interest in Wisp for a total consideration of approximately
US$41.3 million, which includes a
future conditional earn-out on operating performance of up to
approximately US$7.4 million.
On October 7, 2021, WELL's CRH
subsidiary completed a majority stake acquisition of a 51% interest
in Pinellas County Anesthesia Associates, LLC, a gastroenterology
anesthesia services provider in Florida. The purchase consideration, paid via
cash, for the acquisition of the Company's interest was
US$9.2 million.
On November 1, 2021, the Company
completed the acquisitions of Uptown Medical and Uptown Allied,
consisting of two medical clinics and one allied health clinic in
the greater Toronto area. Total
purchase consideration was $1.4
million.
On November 1, 2021, the Company
completed the acquisition of AwareMD, an enterprise class EMR
provider with a focus on cardiology in addition to other disease
specialties including radiology, endocrinology, and rheumatology.
Total consideration paid for Aware MD was $4.5 million, including a conditional earn-out of
up to $3.5 million.
On November 25, 2021, the Company
completed a bought deal public offering of $70 million aggregate principal amount of
convertible senior unsecured debentures of the Company due
December 31, 2026 at a price of
$1,000 per Debenture, including
$5 million aggregate principal amount
of Debentures issued pursuant to the over-allotment option which
was exercised in full.
On December 1, 2021, the Company
completed the acquisition of CognisantMD whose Ocean platform is
the category leader in digital patient engagement technology and
eReferral software in Canada.
Ocean's platform supports over 8,000 physicians, and approximately
35,000 referrals and consults are sent electronically through the
platform monthly. Total consideration paid by WELL in connection
with the acquisition of CognisantMD was approximately $17.6 million with an additional performance
based earn-out of up to approximately $7.0
million.
Events Subsequent to December 31, 2021:
On February 14, 2022, WELL's
wholly owned subsidiary Adracare, met all provincial requirements
as part of the validation process to be a verified vendor for
virtual care in Ontario. The
year-long process required Adracare to demonstrate that its
solution met Ontario Health's standards with respect to privacy,
security, technology, and functionality. As a result, Adracare is
listed on Ontario Health's site as one of few fully validated
vendors for virtual care in Ontario.
On March 7, 2022, the Company, via
a subsidiary, entered into an asset contribution and exchange
agreement to acquire a 100% interest in GCAA, a gastroenterology
anesthesia services provider in Connecticut, USA. The purchase consideration,
to be paid via cash and holdback liability, for the acquisition of
the Company's 100% interest will be US$12.5
million and is expected to generate more than US$3M in shareholder EBITDA.
WELL has exceeded its previously announced goal of donating
$100,000, through a $50,000 corporate donation, and a donation
matching program between WELL team members and WELL's CEO. The
donations will contribute towards efforts to support the millions
of Ukrainian children in immediate danger. Furthermore, WELL is
committed to working with Canadian authorities on supporting
Ukrainians fleeing the war, with opportunities to work within our
Canadian operations.
Outlook:
WELL's outlook remains very positive across all the business
units and for the entire Company as a whole. The Company's organic
growth coupled with its continued focus on tuck-in acquisitions is
expected to catapult WELL's revenue to exceed half a billion in
annual revenue in 2022.
WELL's goals for 2022 are to: (i) build out and refine its
practitioner enablement platform and deploy its services both
internally to WELL healthcare practitioners as well as offer its
services to healthcare practitioners outside of the Company; (ii)
achieve organic growth across all of its operating business units;
(iii) follow a disciplined capital allocation strategy designed to
continue to activate organic growth; and (iv) WELL expects to be
profitable for the full year 2022, on an Adjusted Net Income
basis.
In Canada, WELL is quickly
expanding on what it has built -- the most consequential network of
non-governmental healthcare assets across the country with
significant operations and interoperability between its outpatient
clinics, EMR, Diagnostics and Telehealth businesses
In the United States, the
combined annualized run-rate revenue of Circle Medical and Wisp is
better than US$80 million based on
preliminary March volumes. We are expecting the combined run-rate
revenue to exceed US$100 million
later this year.
WELL is a purpose-driven business that aims to transform the
world for the better, as such the Company has embarked on an
ongoing ESG (Environmental, Social and Governance) program. The
Company plans on publishing a report in the coming quarter
highlighting WELL's ESG strategy, reporting initiatives and
targeted actions.
Conference Call:
WELL will hold a conference call to discuss its 2021 Fourth
Quarter and Annual financial results on Thursday, March 31, 2022, at 1:00 pm ET (10:00 am
PT). Please use the following dial-in numbers: 416-764-8650
(Toronto local), 778-383-7413
(Vancouver local), 1-888-664-6383
(Toll-Free) or +1-416-764-8650 (International), with Conference
ID: 1776 5709.
The conference call will also be simultaneously webcast and can
be accessed at the following audience URL:
https://www.well.company/for-investors/events/
Selected Unaudited Financial Highlights:
Please see SEDAR for complete copies of the Company's audited
annual consolidated financial statements and annual MD&A for
the year ended December 31, 2021.
|
|
|
|
|
|
RESTATED
|
|
Three
months
ended
December
31, 2021
|
Three
months
ended
September
30, 2021
|
Three
months
ended
December
31, 2020
|
|
Year ended
December
31, 2021
|
Year ended
December
31, 2020
|
|
$
'000
|
$ '000
|
$ '000
|
|
$
'000
|
$ '000
|
Revenue
|
115,680
|
99,291
|
17,189
|
|
302,324
|
50,240
|
Cost of sales
(excluding depreciation and amortization)
|
(52,197)
|
(49,322)
|
(9,188)
|
|
(148,629)
|
(29,025)
|
Adjusted gross
profit(1)
|
63,483
|
49,969
|
8,001
|
|
153,695
|
21,215
|
Adjusted gross
margin(1)
|
54.9%
|
50.3%
|
46.5%
|
|
50.8%
|
42.2%
|
Adjusted
EBITDA(2)
|
25,679
|
22,275
|
765
|
|
60,363
|
194
|
Net
(loss)/income
|
707
|
(10,408)
|
5,772
|
|
(30,895)
|
(3,247)
|
Adjusted net income
(loss) (3)
|
5,297
|
12,325
|
2,392
|
|
16,019
|
(1,341)
|
Total comprehensive
(loss)/income
|
5,736
|
(8,965)
|
5,640
|
|
(24,804)
|
(4,100)
|
Net (loss) income
per share, basic and diluted (in $)
|
(0.04)
|
(0.06)
|
0.04
|
|
(0.23)
|
(0.03)
|
Adjusted Net
(loss)/income per share, basic and diluted (in
$)(3)
|
0.03
|
0.06
|
0.02
|
|
0.08
|
(0.01)
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding, basic and diluted
|
208,101,672
|
203,959,885
|
151,058,782
|
|
190,900,309
|
133,911,242
|
|
|
|
|
|
|
|
Reconciliation of
net loss to Adjusted EBITDA(2)
|
|
|
|
|
|
|
Net (loss)/income
for the period
|
707
|
(10,408)
|
5,772
|
|
(30,895)
|
(3,247)
|
Depreciation and
amortization
|
8,304
|
16,326
|
1,867
|
|
38,216
|
4,592
|
Income tax expense
(recovery)
|
1,580
|
2,854
|
(4,508)
|
|
5,921
|
(4,362)
|
Interest
income
|
(69)
|
(71)
|
(218)
|
|
(555)
|
(454)
|
Interest
expense
|
4,059
|
3,124
|
335
|
|
8,992
|
1,935
|
Rent expense on finance
leases
|
(1,899)
|
(1,909)
|
(657)
|
|
(5,474)
|
(2,204)
|
Stock-based
compensation
|
4,263
|
9,447
|
1,987
|
|
21,012
|
4,975
|
Foreign exchange (gain)
loss
|
282
|
(387)
|
195
|
|
4,749
|
195
|
Time-based earn-out
expense
|
1,805
|
1,393
|
628
|
|
5,085
|
1,864
|
Change in fair value of
investments
|
-
|
-
|
(6,905)
|
|
-
|
(6,905)
|
Share of net loss of
associates
|
56
|
97
|
342
|
|
209
|
587
|
Revenue precluded from
recognition under IFRS 15
|
3,110
|
-
|
-
|
|
3,110
|
-
|
Transaction,
restructuring, & integration costs expensed
|
3,481
|
1,809
|
1,927
|
|
9,993
|
3,218
|
Adjusted
EBITDA(2)
|
25,679
|
22,275
|
765
|
|
60,363
|
194
|
|
|
|
|
|
|
|
Attributable to
WELL shareholders
|
17,811
|
16,449
|
517
|
|
41,968
|
(234)
|
Attributable to
Non-controlling interests
|
7,868
|
5,826
|
248
|
|
18,395
|
428
|
|
|
|
|
|
|
|
Adjusted
EBITDA(2)
|
|
|
|
|
|
|
Canada and
others
|
1,177
|
3,483
|
428
|
|
3,020
|
(143)
|
US
operations
|
24,502
|
18,792
|
337
|
|
57,343
|
337
|
Adjusted
EBITDA(2) attributable to WELL
shareholders
|
|
|
|
|
|
|
Canada and
others
|
955
|
3,278
|
282
|
|
2,164
|
(469)
|
US
operations
|
16,856
|
13,171
|
235
|
|
39,804
|
235
|
Adjusted
EBITDA(2) attributable to Non-controlling
interests
|
|
|
|
|
|
Canada and
others
|
222
|
206
|
146
|
|
856
|
326
|
US
operations
|
7,646
|
5,620
|
102
|
|
17,539
|
102
|
|
|
|
|
|
|
|
Reconciliation of
net loss to Adjusted Net Income/(loss) (3)
|
|
|
|
|
|
|
Net (loss)/income
for the period
|
707
|
(10,408)
|
5,772
|
|
(30,895)
|
(3,247)
|
Amortization of
intangible assets
|
4,922
|
13,825
|
1,232
|
|
30,599
|
2,448
|
Time-based earn-out
expense
|
1,805
|
1,393
|
628
|
|
5,085
|
1,864
|
Stock-based
compensation
|
4,263
|
9,447
|
1,987
|
|
21,012
|
4,975
|
Change in fair value of
investments
|
-
|
-
|
(6,905)
|
|
-
|
(6,905)
|
Non-controlling
interest included in net income
|
(9,510)
|
(1,932)
|
(322)
|
|
(12,892)
|
(476)
|
Revenue precluded from
recognition under IFRS 15
|
3,110
|
-
|
-
|
|
3,110
|
-
|
Adjusted Net
Income/(loss) (3)
|
5,297
|
12,325
|
2,392
|
|
16,019
|
(1,341)
|
|
|
|
|
|
|
|
Adjusted Net Income
(loss) per share (3)
|
0.03
|
0.06
|
0.02
|
|
0.08
|
(0.01)
|
Footnotes:
(1) Non-GAAP financial measure and ratio.
Adjusted gross profit and adjusted gross margin do
not have any standardized meaning under IFRS and therefore may not
be comparable to similar measures presented by other issuers. The
Company defines adjusted gross profit as revenue less cost of sales
(excluding depreciation and amortization) and adjusted gross margin
as adjusted gross profit as a percentage of revenue. Adjusted gross
profit and adjusted gross margin should not be construed as an
alternative for revenue or net loss determined in accordance with
IFRS. The Company does not present gross profit in the financial
statements as it is a non-GAAP financial measure. The Company
believes that adjusted gross profit and adjusted gross margin are
meaningful metrics that are often used by readers to measure the
Company's efficiency of selling its products and services.
(2) Non-GAAP financial measure. Earnings
before interest, taxes, depreciation, and amortization
("EBITDA") and Adjusted EBITDA should not be construed as
alternatives to net income/loss determined in accordance with IFRS.
EBITDA and Adjusted EBITDA do not have any standardized meaning
under IFRS and therefore may not be comparable to similar measures
presented by other issuers. The Company defines Adjusted
EBITDA as EBITDA (i) less net rent expense on premise leases
considered to be finance leases under IFRS and (ii) before
transaction, restructuring, and integration costs, time-based
earn-out expense, change in fair value of investments, share of
loss of associates, foreign exchange gain/loss, and stock-based
compensation expense, and (iii) Revenue precluded from recognition
under IFRS 15 that relates to certain patient services revenue that
the Company believes should be recognized as revenue based on its
contractual relationships. For the year ended December 31, 2021,
the Company was precluded from recognizing certain potential
patient services revenue under IFRS 15 - Revenue from contracts
with customers. IFRS 15 requires that certain conditions be met in
order to recognize revenue, including that it is probable that the
Company will collect the amount recognized, which is based upon a
customer's ability and intention to pay. The Company determined
that there was insufficient certainty regarding a customer's intent
to pay $3,110 and therefore did not recognize the revenue. The
Company has an agreement setting fixed reimbursement rates for the
provision of anesthesia services for which collections have not
been received as a result of what the Company believes to be an
administrative issue. The Company will recognize these amounts as
revenue only if and when they are ultimately collected. The Company
considers Adjusted EBITDA a financial metric that measures cash
that the Company can use to fund working capital requirements,
service future interest and principal debt repayments and fund
future growth initiatives.
(3) Non-GAAP financial measure and
ratio. The Company defines Adjusted Net Income as
net income, after excluding the effects of stock-based compensation
expense, amortization of acquired intangibles, time-based earnout
expense, change in fair value of investments, non-controlling
interests, and revenue precluded from recognition under IFRS 15
that relates to certain patient services revenue that the Company
believes should be recognized as revenue based on its contractual
relationships. For the year ended December 31, 2021, the Company
was precluded from recognizing certain potential patient services
revenue under IFRS 15 - Revenue from contracts with customers. IFRS
15 requires that certain conditions be met in order to recognize
revenue, including that it is probable that the Company will
collect the amount recognized, which is based upon a customer's
ability and intention to pay. The Company determined that there was
insufficient certainty regarding a customer's intent to pay $3,110
and therefore did not recognize the revenue. The Company has an
agreement setting fixed reimbursement rates for the provision of
anesthesia services for which collections have not been received as
a result of what the Company believes to be an administrative
issue. The Company will recognize these amounts as revenue only if
and when they are ultimately collected. Adjusted Net Income Per
Share is Adjusted Net Income dividend by weighted average
number of shares outstanding. The Company believes that these
non-GAAP financial measure and ratio provide useful information to
analyze our results, enhance a reader's understanding of past
financial performance and allow for greater understanding with
respect to key metrics used my management in decision making. More
specifically, WELL believes Adjusted Net Income is a financial
metric that tracks the earning power of the business that is
available to WELL shareholders. Adjusted Net income and Adjusted
Net income Per Share are not recognized measure and ratio for
financial statement presentation under IFRS and do not have a
standardized meaning. As such, these measures may not be comparable
to similar measures or ratios presented by other companies.
Adjusted Net Income and Adjusted Net Income Per Share should be
considered a supplement to, and not as a substitute for, or
superior to, the corresponding measures calculated in accordance
with IFRS.
|
WELL HEALTH TECHNOLOGIES
CORP.
Per: "Hamed
Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies
Corp.
WELL is a practitioner focused digital healthcare company whose
overarching objective is to positively impact health outcomes to
empower and support healthcare practitioners and their patients.
WELL has built an innovative practitioner enablement platform that
includes comprehensive end-to-end practice management tools
inclusive of virtual care and digital patient engagement
capabilities as well as Electronic Medical Records (EMR), Revenue
Cycle Management (RCM) and data protection services. WELL uses this
platform to power healthcare practitioners both inside and outside
of WELL's own omni-channel patient services offerings. As such,
WELL owns and operates Canada's
largest network of outpatient medical clinics serving primary and
specialized healthcare services and is the provider of a leading
multi-national, multi-disciplinary telehealth offering. WELL is
publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and is part of the TSX Composite Index. To learn more about
the Company, please visit: www.well.company.
Forward-Looking
Statements
This news release may contain "Forward-Looking Information"
within the meaning of applicable Canadian securities laws,
including, without limitation: information regarding the Company's
goals, strategies and growth plans; expectations regarding
continued revenue and EBITDA growth; the expected benefits and
synergies of completed acquisitions; capital allocation plans in
the form of more acquisitions or share repurchases; the
expected financial performance as well as information in the
"Outlook" section herein. Forward-Looking Information are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive uncertainties,
and contingencies. Forward-Looking Information generally can be
identified by the use of forward-looking words such as "may",
"should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. Forward-Looking Information involve
known and unknown risks, uncertainties and other factors that may
cause future results, performance, or achievements to be materially
different from the estimated future results, performance or
achievements expressed or implied by the Forward-Looking
Information and the Forward-Looking Information are not guarantees
of future performance. WELL's comments expressed or implied by such
Forward-Looking Information are subject to a number of risks,
uncertainties, and conditions, many of which are outside of WELL 's
control, and undue reliance should not be placed on such
information. Forward-Looking Information are qualified in their
entirety by inherent risks and uncertainties, including: direct and
indirect material adverse effects from the COVID-19 pandemic;
adverse market conditions; risks inherent in the primary healthcare
sector in general; regulatory and legislative changes; that future
results may vary from historical results; inability to obtain any
requisite future financing on suitable terms; any inability to
realize the expected benefits and synergies of acquisitions; that
market competition may affect the business, results and financial
condition of WELL and other risk factors identified in documents
filed by WELL under its profile at www.sedar.com, including its
most recent Annual Information Form. Except as required by
securities law, WELL does not assume any obligation to update or
revise any forward-looking information, whether as a result of new
information, events or otherwise.
This news release contains future-oriented financial information
and financial outlook information (collectively, "FOFI") about
estimated annual run-rate revenue and Adjusted EBIDTA, all of which
are subject to the same assumptions, risk factors, limitations, and
qualifications as set out in the above paragraph. The actual
financial results of WELL may vary from the amounts set out herein
and such variation may be material. WELL and its management believe
that the FOFI has been prepared on a reasonable basis, reflecting
management's best estimates and judgments. However, because this
information is subjective and subject to numerous risks, it should
not be relied on as necessarily indicative of future results.
Except as required by applicable securities laws, WELL undertakes
no obligation to update such FOFI. FOFI contained in this news
release was made as of the date hereof and was provided for the
purpose of providing further information about WELL's anticipated
future business operations on an annual basis. Readers are
cautioned that the FOFI contained in this news release should not
be used for purposes other than for which it is disclosed
herein.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in policies of the TSX) accepts responsibility for
the adequacy or accuracy of this release.
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SOURCE WELL Health Technologies Corp.